Minimum Size

You need to keep a minimum balance in your account to avoid paying annual or quarterly account fees.  Those fees kick in automatically once your balance falls below the minimum, but otherwise are waived. 


Ask your family if they have online broker accounts - if you open your broker account with the same provider, you may share a family minimum requirement.

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We’ve done some research  for you comparing online brokers

​​​Consult recent online broker rankings.  Here are a few examples.  ​

  • The Globe and Mail’s annual ranking of online brokers (subscription required)
    https://www.theglobeandmail.com/globe-investor/online-brokerage-ranking-carrick/article37997437/

​

  • Free blogs, like...
    Million Dollar Journey https://www.milliondollarjourney.com/review-canadian-discount-brokerages.htm
    Money Sense https://www.moneysense.ca/save/investing/canadas-best-online-brokers-2018/


  • The JD Power Canadian Self Directed Investor Satisfaction Survey. The entire survey has to be purchased but highlights are press-released for free here:
    http://www.jdpower.com/business/press-releases/jd-power-2017-canadian-self-directed-investor-satisfaction-study

Consider other features that may be important to you:

  • Is the platform easy to navigate?
  • ​Does it link well to your chequing / savings accounts? 
  • Do transfers take as little time as advertised?
  • Are monthly statements easy to follow?
  • Is support accessible and helpful? What kind of support is available - live chat, phone, e-mail? Is there a mobile app? Is it useful?  
  • Do they offer an automatic dividend reinvestment program (DRIP)?  When you own ETFs,  regular distributions are deposited, in cash, to your online broker account. A DRIP allows you to automatically reinvest distributions instead - check if your provider offers one / if it's free.
  • Are there discounts or educational tips for young investors?  
  • Sign-up bonuses are nice, but don’t let them sway you. Focus on the regular offer.​


Consider a demo or a practice account before you open one for real.

  • Some online brokers allow you to open a practice account for a short period of time, like 30-90 days. Bank-owned online brokers may only offer this service to existing clients - it doesn't hurt to ask for a demo at the branch.
  • Check out the TMX stock trading simulator - https://www.tmx-edu.com/

​​​​​​​​​​​​​​Key Features ​

When you research providers, make sure to ask if their online broker accounts can be easily connected to either your chequing  or savings account. You want to make sure it's quick and easy to transfer money to / from your investment account. It's can be quite difficult if your investment account is at a different institution than your chequing / savings account. 

choose an online broker

​Updated September 2, 2022​​

​​​Use our table as a guide and remember to do some research on your own.

​Commission

  • Usually quoted per trade as a fixed dollar value, regardless how much you're investing. 
  • Can be reduced or entirely avoided. Some brokers waive commission when you buy / sell certain ETFs.
  • Lower commission is better.​